Market Updates • May 15, 2024

Spring Blooms and Market Booms – April 2024 Metro Denver Market Update

by LaDawn Sperling

As Denver embraces the vibrant colors of spring, the real estate market reflects a similar renewal with significant movements across the board. Optimism prevails among buyers and sellers, influenced by a noticeable shift in inventory and pricing trends.

April’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – included:

The average price for homes soared to a new record of $727,700 with a 4.4% increase from last year
The average days in the MLS reduced sharply to just 8 days, down 27.27% from last month, indicating that properties under the right conditions are moving quickly off the market.
Active listings at month’s end climbed to 6,990, a significant 19.51% increase month-over-month and an impressive 51.32% surge year-over-year. This increase provides much-needed relief for buyers and more competition among sellers, reshaping the market landscape.

This month’s report signals a robust season ahead with buyers actively participating and sellers returning to the market. The notable increase in inventory, coupled with fast-moving sales, paints a picture of a resilient market where well-prepared properties are highly sought after.

Market Insights:

Inventory Surge: The considerable year-over-year increase in active listings offers a more diverse range of options for buyers, alleviating the pressure from previous months.

Price Adjustments: With average prices reaching new heights, the market is adjusting to a new norm, making accurate pricing more crucial than ever.

Rapid Transactions: The decrease in days on MLS reflects a market that favors well-priced and well-presented homes, with buyers ready to act swiftly.

Looking Ahead:

As we move deeper into spring, the upward trend in inventory is expected to continue, providing both challenges and opportunities. For sellers, setting competitive prices will be key to standing. Buyers, meanwhile, should be prepared to make decisive offers, especially on well-priced properties in desirable locations.

Need Guidance?

Whether you are buying, selling, or just contemplating your next move in real estate, understanding the nuances of the current market is vital. Reach out for bespoke advice and expert insights tailored to your unique situation.

This update is based on information provided by the Denver Metro Association of Realtors® for the period of April 1, 2024, through April 30, 2024, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.

Real Estate News, Tips, & Tricks • May 2, 2024

Foreclosure Numbers Are Nothing Like the 2008 Crash

by LaDawn Sperling

If you’ve been keeping up with the news lately, you’ve probably come across some articles saying the number of foreclosures in today’s housing market is going up. And that may leave you feeling a bit worried about what’s ahead, especially if you owned a home during the housing crash in 2008.

The reality is, while increasing, the data shows a foreclosure crisis is not where the market is headed.

Here’s the latest information stacked against the historical data to put your mind at ease.

The Headlines Make the Increase Sound Dramatic – But It’s Not
The increase the media is calling attention to is a little bit misleading. That’s because it’s comparing the most recent numbers to a time when foreclosures were at historic lows. And that lopsided comparison is making it sound like a much bigger deal than it actually is.

Back in 2020 and 2021, there was a moratorium and forbearance program that helped millions of homeowners avoid foreclosure during challenging times. That’s why numbers for just a few years ago were so low.

Now that the moratorium has come to an end, foreclosures are resuming and that means numbers are rising. But it’s an expected increase, not a surprise, and not a cause for alarm. Just because foreclosure filings are up doesn’t mean the housing market is in trouble.

To prove that to you, let’s expand the comparison out a bit more. Specifically, we’ll go all the way back to the housing crash in 2008 – since that’s what people worry may happen again.

The graph below uses research from ATTOM, a property data provider, to show foreclosure activity has been consistently lower since the crash in 2008:

What the data shows is that things now aren’t anything like they were surrounding the housing crash. The bars in red are when there were over 1 million foreclosure filings a year. In 2023, there were roughly 357,000. That’s a big difference.

A recent article from Bankrate explains one of the reasons things aren’t like they were back then:

“In the years after the housing crash, millions of foreclosures flooded the housing market, depressing prices. That’s not the case now. Most homeowners have a comfortable equity cushion in their homes.”
Basically, foreclosure activity is nothing like it was during the crash. That’s because most homeowners today have enough equity to keep them from going into foreclosure. And that’s a really good thing for homeowners and for the market.

The reality is, the data shows a foreclosure crisis is not where the market is today, or where it’s headed.

Bottom Line
Right now, putting the data into context is more important than ever. While the housing market is experiencing an expected rise in foreclosures, it’s nowhere near the crisis levels seen when the housing bubble burst, and that won’t lead to a crash in home prices.

Make Your Move Before School Starts

by LaDawn Sperling

Are you thinking of getting a fresh start in a new home before the back-to-school rush? You’re not alone – and it’s totally doable! With help from a savvy real estate agent, you can navigate the selling and buying process, secure favorable terms and snag the front door keys just in time for the start of the school year. Here’s how to make it happen.

Real Estate Market Considerations

Spring and summer tend to steal the spotlight for buying and selling, and with good reason. Starting your search now offers a broader selection of properties, a big pool of potential buyers and it perfectly aligns with finalizing your move during the summer break. Your real estate agent will be able to break down all the crucial local info for you – available listings, price comparisons, median home costs and how long most properties are on the market.

Evaluate Your Finances

A clear understanding of your financial situation is vital when doing anything in the real estate market. It influences the type and location of your next home and whether you should sell your current home before purchasing another. Another first step is working with a trusted lender to explore your loan options and solidify your budget. Plus, a realistic and accurate assessment of your finances can lower some of that moving stress and help guide your decision-making process.

Start to Organize

Moving can seem daunting, but it can be a relatively smooth process with the right approach. Start by decluttering your current space – sell, donate or dispose of items you no longer need. This will reduce the things you need to pack up while also prepping your home to be listed. As the move gets closer, invest in quality moving supplies like sturdy boxes, packing tape, bubble wrap and permanent markers for labeling. And if you like making checklists and crossing off to-do’s, this is your time to shine!

List Your Home For Sale

When you’re ready to put your current home up for sale, give it a walk-through and identify any necessary repairs or enhancements needed. With some assistance from your agent, you can access a network of reliable service providers and professionals who can assist with any fixes or improvements outside the scope of a DIY weekend. You should also prepare your home to appeal to a broad range of buyers through updated staging and professional photography to maximize its visibility and attractiveness.

Find Your New Home

Begin your home search by creating a wish list and ranking the key features that you consider must-haves. Check out the listings on coldwellbanker.com and other online sources, and then visit potential homes in person. As you explore different spaces, ask yourself if you can picture your family living there. Does the kitchen have all the counter space you’re looking for? Is there a big backyard for a garden and a play area? Maybe you want a low-maintenance yard and space for hobbies and storing sports equipment. But remember, things can move quickly in the spring and summer, so when you find the one, be prepared to make an offer.

Yes, you can make your move before school starts! It takes some planning and determination, but it’s well worth the effort. Establish your timeline, partner with a local real estate agent, put together a plan and unpack in your new home before the kids start next fall.

Market Updates • April 15, 2024

Navigating Changes and Embracing Opportunities – April 2024 Metro Denver Market Update

by LaDawn Sperling

As the spring selling season unfolds, we find the Denver Metro real estate market bustling with activity, underscored by a strategic mix of anticipation and action among buyers and sellers alike. This month’s market dynamics offer a blend of challenges and opportunities, reflecting a vibrant yet evolving landscape.

March’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – included:

The average price for homes increased to $703,330, up 4.08% from February 2024 and a significant 5.55% increase from March 2023. This trend indicates a continued ascent in home values, a factor for both buyers and sellers to consider in their strategy.
The average days in the MLS decreased to 40 days, down 13.04% from the prior month, yet showing an 8.11% increase from the same time last year. The reduction in days on market from February to March illustrates an acceleration in the pace at which homes are being sold, signaling strong buyer engagement.
Active listings at month’s end saw a rise to 5,849, a 6.13% increase from February 2024 and a notable 29.52% jump year-over-year, highlighting a growing inventory that offers more options to prospective buyers.

As the market heats up, we’re seeing sellers adapt to higher interest rates, with many choosing to downsize or leverage their home equity for their next purchase. This shift is bringing much-needed inventory to the market, much to the delight of eager buyers.

Looking Ahead:

The Denver real estate market is poised for an interesting spring season. Sellers are becoming more strategic, and buyers, encouraged by an increase in inventory, are actively participating in the market. The trends suggest a balanced dynamic, with opportunities for both buyers and sellers to achieve their goals.

For those considering entering the market or seeking to navigate these changes, now is the time to strategize and plan. Whether you’re looking to sell at a peak price or find a home among the increasing listings, understanding the current trends is key.

Need Assistance?

If you have any questions about the current market or are ready to discuss your real estate goals, don’t hesitate to reach out. My expertise and dedication can help guide you through the dynamic Denver real estate landscape.

This update is based on information provided by the Denver Metro Association of Realtors® for the period of March 1, 2024, through March 31, 2024, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.

Real Estate News, Tips, & Tricks • April 11, 2024

The Top 5 Reasons You Need a Real Estate Agent when Buying a Home

by LaDawn Sperling

You may have heard headlines in the news lately about agents in the real estate industry and discussions about their commissions. And if you’re following along, it can be pretty confusing. But here’s the thing you really need to know – expert advice from a trusted real estate agent is priceless, now more than ever. And here’s why.

A real estate agent does a lot more than you may realize.

Your agent is the person who will guide you through every step when buying a home and look out for your best interests along the way. They smooth out a complex process and take away the bulk of the stress of what’s likely your largest purchase ever. And that’s exactly what you want and deserve.

This is at least a part of the reason why a recent survey from Bright MLS found an overwhelming majority of people agree an agent is a key part of the homebuying process

To give you a better idea of just a few of the top ways agents add value, check out this list.

1. Deliver Industry Experience

The right agent – the professional – will coach you through everything from start to finish. With professional training and expertise, agents know the ins and outs of the buying process. And in today’s complex market, the way real estate transactions are executed is constantly changing, so having the best advice on your side is essential.

2. Provide Expert Local Knowledge

In a world that’s powered by data, a great agent can clarify what it all means, separate fact from fiction, and help you understand how current market trends apply to your unique search. From how quickly homes are selling to the latest listings you don’t want to miss, they can explain what’s happening in your specific local market so you can make a confident decision.

3. Explain Pricing and Market Value

Agents help you understand the latest pricing trends in your area. What’s a home valued at in your market? What should you think about when you’re making an offer? Is this a house that might have issues you can’t see on the surface? No one wants to overpay, so having an expert who really gets true market value for individual neighborhoods is priceless. An offer that’s both fair and competitive in today’s housing market is essential, and a local expert knows how to help you hit the mark.

4. Review Contracts and Fine Print

In a fast-moving and heavily regulated process, agents help you make sense of the necessary disclosures and documents, so you know what you’re signing. Having a professional that’s trained to explain the details could make or break your transaction, and is certainly something you don’t want to try to figure out on your own.

5. Bring Negotiation Expertise

From offer to counteroffer and inspection to closing, there are a lot of stakeholders involved in a real estate transaction. Having someone on your side who knows you and the process makes a world of difference. An agent will advocate for you as they work with each party. It’s a big deal, and you need a partner at every turn to land the best possible outcome.

Bottom Line

Real estate agents are specialists, educators, and negotiators. They adjust to market changes and keep you informed. And keep in mind, every time you make a big decision in your life, especially a financial one, you need an expert on your side.

Expert advice from a trusted professional is priceless. Let’s connect today.

Real Estate News, Tips, & Tricks • Uncategorized • April 5, 2024

The Best Week To List Your House Is Almost Here

by LaDawn Sperling

Are you thinking about making a move? If so, now may be the perfect time to start the process. That’s because experts say the best week to list your house is just around the corner.

A recent Realtor.com study looked at housing market trends over the past several years (with the exception of 2020, since it was an unusual year), and found the best week to put your house on the market this year is April 14-20:

“Every year, one week stands out from the rest as that perfect stretch of time when it’s great to be a home seller. This year, the week of April 14–20 is the best time to sell—that is, if sellers want to see lots of interest in their homes, sell quickly, and pocket some extra cash, according to Realtor.com® data.”

Here’s why this matters for you. While the spring market is a great time to sell no matter the week, this may be the peak sweet spot. And if you’ve been putting your plans on the back burner and waiting for the right time to act, this could be the nudge you need to make your move happen. As Hannah Jones, Senior Economic Research Analyst at Realtor.com explains:

“The third week of April brings the best combination of housing market factors for sellers. The best week offers higher buyer demand, lower competition [from other sellers], and fewer price reductions than the typical week of the year.”

But, if you want to get in on the action, you’ll need to move quickly and lean on the pros. Your local real estate agent is the perfect go-to when it comes to figuring out a plan to prep your house and get it on the market.

They’ll be able to offer advice to balance your target listing date with what you need to do from a repair and renovation standpoint. And they can walk you through exactly how to prioritize your list so you know what to tackle first.

For example, if your house is already in good shape, you’ll be able to really focus in on the smaller things that are easy to do and make a big impact. As an article from Investopedia says:

“You won’t have time for any major renovations, so focus on quick repairs to address things that could deter potential buyers.”

Here are some specific examples from that article:

Just remember, even if you’re not ready to list within the next couple of weeks, that’s okay. The window of opportunity doesn’t close when this week ends. Spring is the peak homebuying season and it’s still a seller’s market, so you’ll be in the driver’s seat all season long.

Bottom Line

Ready to get the ball rolling? Let’s connect and schedule a time to go over your next steps.

Market Updates • March 15, 2024

Strategic Moves in the Spring Market – March 2024 Metro Denver Market

by LaDawn Sperling

As we step into the spring season, the Denver real estate market is a testament to the power of strategy over sheer luck. Both buyers and sellers, armed with insightful plans and the expertise of their real estate agent, are finding themselves well-positioned to navigate the current market dynamics.

February’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – included:

The average price for homes was up 3.27% compared to the previous month and up 3.04% from February 2023.
The average days in the MLS decreased 4.08% from the prior month and are up down 2.08% from a year ago. The median days in MLS decreased from 47 days to 49 days month-over-month.
Active listings at months-end were up 13.14% from January and up 45.87% from this time last year.

The surge in new listings and the strategic readiness of sellers to stand out in a bustling market have been crucial. Sellers who’ve meticulously prepared their homes for showings and priced them right have been rewarded with multiple offers, maximizing their returns. Meanwhile, buyers, aware of the growing inventory, are more measured in their approach, taking the time to find homes that truly meet their needs and negotiating effectively to ensure their investments are sound.

For Sellers: The importance of preparation and pricing right cannot be overstated. In a market with increasing options for buyers, making your home stand out through professional staging, necessary repairs, and curb appeal is key to attracting offers. For Buyers: With more listings to choose from, the opportunity to find the home that fits your needs is better than ever. Yet, this abundance also means the need for strategic negotiation and thorough due diligence is paramount.

As the market adapts to the influx of spring listings, staying informed and prepared will be crucial for both buyers and sellers. The right strategy, coupled with the guidance of an experienced real estate agent, can make all the difference in achieving your real estate goals this season.

Ready to Make Your Move?

Whether you’re looking to sell your property or in search of your home, I’m here to help navigate the complexities of the Denver real estate market. For personalized advice or to discuss how the latest market trends could impact your real estate decisions, don’t hesitate to reach out.

This update is based on information provided by the Denver Metro Association of Realtors® for the period of February 1, 2024, through February 29, 2024, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.

Real Estate News, Tips, & Tricks • February 29, 2024

Why You Want an Agent’s Advice for Your Move

by LaDawn Sperling

No matter how you slice it, buying or selling a home is a big decision. And when you’re going through any change in your life and you need some guidance, what do you do? You get advice from people who know what they’re talking about.

Moving is no exception. You need insights from the pros to help you feel confident in your decision. Freddie Mac explains it like this:

“As you set out to find the right home for your family, be sure to select experienced, trusted professionals who will help you make informed decisions and avoid pitfalls.”

And while perfect advice isn’t possible – not even from the experts, what you can get is the very best advice out there.

The Power of Expert Advice

For example, let’s say you need an attorney. You start off by finding an expert in the type of law required for your case. Once you do, they won’t immediately tell you how the case is going to end, or how the judge or jury will rule. But what a good attorney can do is walk you through the most effective strategies based on their experience and help you put a plan together. They’ll even use their knowledge to adjust that plan as new information becomes available.

The job of a real estate agent is similar. Just like you can’t find a lawyer to give you perfect advice, you won’t find a real estate professional who can either. That’s because it’s impossible to know everything that’s going to happen throughout your transaction. Their role is to give you the best advice they can.

To do that, an agent will draw on their experience, industry knowledge, and market data. They know the latest trends, the ins and outs of the homebuying and selling processes, and what’s worked for other people in the same situation as you.

With that expertise, a real estate advisor can anticipate what could happen next and work with you to put together a solid plan. Then, they’ll guide you through the process, helping you make decisions along the way. That’s the very definition of getting the best – not perfect – advice. And that’s the power of working with a real estate advisor.

Bottom Line

If you’re looking to buy or sell a home, you want an expert on your side to help you each step of the way. Let’s connect so you have advice you can count on.

Uncategorized • February 20, 2024

Buyers are back – February 2024 Metro Denver Market Update

by LaDawn Sperling

New listings, pending sales, and average days on market all increased month-over-month. Active listings and closed sales both decreased month-over-month as the majority of sales closed in January went under contract in December and many new buyers entered the market in January.

January’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – included:

The average price for homes was up 0.63% compared to the previous month and up 5.43% from January 2023.
The average days in the MLS increased 6.52% from the prior month and are up 6.52% from a year ago. The median days in MLS increased from 30 days to 36 days month-over-month.
Active listings at months-end were down 2.01% from December and up 18.23% from this time last year.

As we enter the new year, buyers are eagerly returning to the real estate market, encouraged by increased choices in listings. New listings have surged by 14.73 percent year-over-year, particularly in detached properties, which saw a notable increase of 17.94 percent. Pending home sales also rose by 6.5 percent, indicating growing buyer interest. However, closed sales lagged slightly, likely reflecting transactions initiated in December. Median close prices for single-family homes have risen to $625,000, with properties selling closer to list price, suggesting a more competitive market. Conversely, attached properties are experiencing a slight slowdown, with pending sales decreasing by 6.61 percent year-over-year and median close prices remaining stable at $395,000.

Looking ahead, the real estate market is poised for a strong spring selling season, driven by pent-up demand and favorable lending conditions. Despite the Federal Reserve’s decision to maintain interest rates, a decline in rates later in the year would likely further stimulate activity. However, buyers waiting for lower rates risk facing increased competition and higher prices in the future. Therefore, it’s crucial to understand the market dynamics and make informed decisions regarding timing and risk. As always, If you have any questions or need guidance, feel free to reach out.

This update is based on information provided by the Denver Metro Association of Realtors® for the period of January 1, 2024, through January 31st, 2024, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.

Uncategorized • February 9, 2024

Don’t Wait Until Spring To Sell Your House

by LaDawn Sperling

As you think about the year ahead, one of your big goals may be moving. But, how do you know when to make your move? While spring is usually the peak homebuying season, you don’t actually need to wait until spring to sell. Here’s why.

1. Take Advantage of Lower Mortgage Rates

Last October, the 30-year fixed mortgage rates peaked at 7.79%. In January, they hit their lowest level since May. That means you may not feel as locked-in to your current mortgage rate right now. That downward trend in rates has made moving more affordable now than it was just a few months ago.

Another reason today’s rates make now a good time to sell? More buyers are jumping back into the market. Many had been waiting on the sidelines for rates to fall, but now that that’s happening, they’re eager and ready to buy. That means more demand for your house. According to Sam Khater, Chief Economist at Freddie Mac:

“Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market.”

2. Get Ahead of Your Competition

Right now, there are still more people looking to buy a home than there are houses for sale, which puts you in a great position. But keep in mind, with the recent uptick in new listings, we’re seeing more sellers may already be re-entering the market.

Listing your house now helps you beat your competition and makes sure your house will stand out. And if you work with an agent to price it right, it could sell fast and get multiple offers. U.S. News explains:

“When there is low housing inventory, sellers could get top dollar for their homes.”

3. Make the Most of Rising Home Prices

Experts home prices will keep going up this year. What does that mean for you? If you’re ready to sell your current house and plan to buy another one, it may be a good idea to think about moving now before prices go up more. That would give you the chance to buy your next home before it gets more expensive.

4. Leverage Your Equity

Homeowners today have tremendous amounts of equity. In fact, a recent report from CoreLogic says the average homeowner with a mortgage has more than $300,000 in equity.

If you’ve been waiting to sell because you were worried about home affordability, know your equity can really help with your next move. It might even cover a big part, or maybe all, of the down payment for your next home.

Bottom Line

If you’re thinking about selling your house and moving to another one, let’s connect to get the process started now so you can get a leg up on your competition.

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